[dropcap1]C[/dropcap1] redit cards were basically created for one purpose- give its owner a temporary “purchasing” power. [quote_box author=”” profession=””]Credit card companies, by virtue of their credibility and financial status, loans you this temporary purchasing power tru this plastic. In the process you are charged a certain amount for “availing” this temporary purchasing power.[/quote_box] The larger the credits or purchasing power you borrow, the bigger is the charge. This is how credit card companies earn from this process.The more you use that credit card, the greater is their income . Thus, it is understandable they will make all sort of enticements just so you will use that card. It’s their marketing ploy and it is their business.
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Again, credit cards have very limited use in general and the risk of credit trap far outweighs the benefits of this plastic in my case.
Reasons why I don’t recommend credit card use in general:
So what did I miss in my credit card less life so far? Nothing I believe. In fact, I’m still proud that at my age now, I’m debt averse and that includes the use of a credit card. Many people will tell me I’m wasting a potential leverage tool. Maybe, but I’m certainly happy with my cash only buying. So, no to any credit card use for now 🙂
What about you? Do you own a credit card? Are you happy with it?